OFFERING MEMORANDUM - LoopNetimages2.loopnet.com/d2/OqMGXTgMkfJBHXwHFM3xuj1W7LddP... · 2017-12-21 · and San Diego City College, ... OFFERING MEMORANDUM 6 PROPERTY SUMMARY San DiegoSUN

PARK & BROADWAY

KEVIN [email protected]

JASON [email protected]

TIM [email protected]

O F F E R I N G M E M O R A N D U M 1015 PARK BLVD. AND 1244 BROADWAYSAN DIEGO, CA 92101

BROADWAY

PAR

K B

LVD PARK BLVD

PARK & CPlanned

Adjacent Project

N

SAN DIEGO CITY COLLEGE

TROLLEY

OFFERING MEMORANDUM

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Cushman & Wakefield has been retained as the owner’s exclusive advisor and broker

regarding the sale of Park and Broadway, located at 1015 Park Blvd. and 1244

Broadway APN: 534-206-03-00 & 543-206-04-00. This Offering Memorandum has

been prepared by Cushman & Wakefield for use by a limited number of parties and

does not purport to provide a necessarily accurate summary of the Property or any

of the documents related thereto, nor does it purport to be all-inclusive or to contain

all of the information which prospective investors may need or desire. All projections

have been developed by Cushman & Wakefield, the Owner, and designated sources

and are based upon assumptions relating to the general economy, competition, and

other factors beyond the control of the Owner and, therefore, are subject to variation.

No representation is made by Cushman & Wakefield or Owner as to the accuracy or

completeness of the information contained herein, and nothing contained herein is,

or shall be relied on as, a promise or representation as to the future performance of

the Property. Although the information contained herein is believed to be correct,

Owner and its employees disclaim any responsibility for inaccuracies and expect

prospective purchasers to exercise independent due diligence in verifying all such

information. Further, Cushman & Wakefield, Owner, and its employees disclaim

any and all liability for representations and warranties, expressed and implied,

contained in, or for omission from, this Offering Memorandum or any other written

or oral communication transmitted or made available to the recipient. This Offering

Memorandum does not constitute a representation that there has been no change in

the business or affairs of the Property or the Owner since the date of preparation of

the package. Analysis and verification of the information contained in this package

is solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the Property will be made

available upon written request to interested and qualified prospective investors.

Owner and Cushman & Wakefield each expressly reserve the right, at their sole

discretion, to reject any and all expressions of interest or offers regarding

the Property and/or terminate discussions with any entity at any time with or

without notice. Owner shall have no legal commitment or obligation to any

entity reviewing this Offering Memorandum or making an offer to purchase

the Property unless and until a written agreement for the purchase of the

Property has been fully executed, delivered, and approved by Owner and its

legal counsel, and any conditions to Owner’s obligations thereunder have

been satisfied or waived. Cushman & Wakefield is not authorized to make any

representations or agreements on behalf of Owner.

This Offering Memorandum and the contents, except such information which is

a matter of public record or is provided in sources available to the public (such

contents as so limited herein are called the “Contents”), are of a confidential

nature. By accepting the package, you agree (i) to hold and treat it in the

strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose

the package or any of the contents to any other entity (except to outside

advisors retained by you, if necessary, for your determination of whether or

not to make a proposal and from whom you have obtained an agreement of

confidentiality) without the prior written authorization of Owner or Cushman

& Wakefield, (iv) not use the package or any of the contents in any fashion or

manner detrimental to the interest of Owner or Cushman & Wakefield, and (v)

to return it to Cushman & Wakefield immediately upon request of Cushman &

Wakefield or Owner.

D ISCL A IME R




PARK & BROADWAY

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CON T E N T S04 Executive

Summary 14 Area Highlights

06 Property Summary 16 Comparable Sale Transactions

08 Geological Faults 18 Rental Comparables

10 Nearby Projects 26 Demographics

12 Neighborhood Area

OFFERING MEMORANDUM

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Park & Broadway, is located in East Village on the north side of Broadway between Park Blvd and 13th in the IDEA District.

The Park and Broadway development site is an

opportunity to develop an iconic project in one of

Downtown San Diego’s most desirable neighbor-

hoods. The approximate 30,000 SQFT lot is near

all of Downtown’s best attractions and restaurants.

Close proximity to Petco Park, The Trolley Station

and San Diego City College, this site offers every-

thing that Downtown San Diego has to offer.

E X E CU T I V E SUMM A RY

30,000SQUARE FOOTAGE

CCPD-NCZONE

6MINIMUM F.A.R.

10MAXIMUM F.A.R.

PETCO PARK

FUTURE PARK

“A Moon - Shot Plan is Needed to Build San Diego Out of its Housing Shortage”

Click here for full article

TROLLEY

http://files.constantcontact.com/35807ce6be/d9fb7535-827e-4c64-b39a-2838e49e5b83.pdf

PARK & BROADWAY

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BROADWAY

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PARK BLVD

11TH AVE

10TH AVE

9TH AVE

AMTRAK STATION

ON RAMP

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TROLL

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PARK BLVDPARK & C

PlannedAdjacent Project

OFFERING MEMORANDUM

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P ROP E R T Y SUMM A RY

SUN ACCESS HE IGHT L IMITSSan Diego Municipal Code Chapter 15: Planned Districts (6-2017)

Ch. Art. Div.15 6 3 111

PRICE: Submit

ADDRESS 1015 Park Blvd & 1244 Broadway, San Diego, CA 92101

APN 534-206-03-00 & 534-206-04-00 TOTAL APPROX. LAND ACRES ± 0.69 ac (half block)

TOTAL APPROX. LAND SQFT ± 30,000 SQFT

BASE MINIMUM & MAXIMUM F.A.R. 6.0 - 10.0

MAXIMUM F.A.R. THROUGH BONUS PAYMENT +0

F.A .R .

BONUS F.A.R. FOR SPECIFIC AMENITIES AND/OR PARKS TDR 0

MAXIMUM F.A.R. (WITH ALL INCENTIVES/BONUSES/TDR) 10.0

SUMMARYCCPD-NC - MIXED NEIGHBORHOOD MIXED-USE CENTER

• the neighborhood mixed-use district ensures development of distinctive centers around plazas, parks, and main streets that provide a focus to the neighborhoods by supporting a mix of residential and non-residential develop-ments that contain active commercial uses on the ground floor.

• A Broad array of compatible uses, including retail, eating and drinking establishments, res-idential, office, educational, indoor recreation and cultural uses are permitted.

ZONING

PARK & BROADWAY

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FUTURE PARK

TROLLEY

TROLLEY

OFFERING MEMORANDUM

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Property

Sourced from: www.sandiegogeologistis.org

GE OL OG IC A L FA ULT S

http://www.sandiegogeologists.org

PARK & BROADWAY

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OFFERING MEMORANDUM

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BOSA

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ALLIANCE RESIDENTIAL

PINNACLE

PINNACLE

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NE A R BY P RO JE C T S

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HANOVER

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HOLLAND & PARTNERS

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PARK & BROADWAY

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M A P L OC AT OR

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PACIFIC BEACH

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OFFERING MEMORANDUM

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1425-1433 Market Street

PARK

BLVD

11TH AVE

10TH AVE

13TH AVE

C ST

BROADWAY

PUNCH BOWL SOCIAL

SMARTS FARM

HODAD’S DOWNTOWN

PETCO PARK ALBERTSONS

BOTEGA AMERICANO

CITY COLLEGE TROLLEY STATION

UNION SQUARE AT BROADWAY CONDOS

VANTAGE POINT APARTMENTS

CLICK BELOW TO LEARN MORE ABOUT EACH NEIGHBORHOOD

HIVE SUSHI LOUNGE


10 BARREL

Makers Quarter Idea District

PARK & CPlanned

Adjacent Project

NE IGHBOR HOOD A R E A

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http://www.makersquarter.com/

http://www.ideadistrictsd.com/idea1/

PARK & BROADWAY

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NWBROADWAY

B ST

E ST

11TH AVE

10TH AVE

PARK BLVDPARK & C

PlannedAdjacent Project

Click here to view full application

N

http://media.ccdc.com/public.php?service=files&t=d6cb394c274567f80e7dbdad113125bf

OFFERING MEMORANDUM

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GASLAMP DISTRICT3 MINUTE WALK

A R E A H IGHL IGH T S

SAN DIEGO INTERNATIONAL AIRPORT

11 MINUTE DRIVE

TROLLEY STATIONACROSS THE STREET

CORONADO BEACH9 MINUTE DRIVE

SAN DIEGO ZOO7 MINUTE DRIVE

BALBOA PARK5 MINUTE DRIVE

SEAPORT VILLAGE 6 MINUTE DRIVE

LITTLE ITALY7 MINUTE DRIVE

PARK & BROADWAY

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OFFERING MEMORANDUM

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$ PER SQFT $692

$ PER F.A.R.13.8

$50.13

# OF UNITS 220

PRICE/UNIT $62,727

$ PER SQFT $389

$ PER F.A.R.5.0 - 8.0 - 10.0

$78- $49- $39

# OF UNITS 269

PRICE/UNIT $45,353

$ PER SQFT $533

$ PER F.A.R.12

$44.44

# OF UNITS 620

PRICE/UNIT $51,613

$ PER SQFT $483

$ PER F.A.R.3.5 -6.0 -20.0

$138 -$80 - $24

# OF UNITS 265

PRICE/UNIT $51,698

3 5

67

PARK & BROADWAY

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$ PER SQFT $287

$ PER F.A.R.7.0

$40.97

# OF UNITS 368

PRICE/UNIT $46,766

$ PER SQFT $400

$ PER F.A.R.3.5-6.0

$114.28-66.77

# OF UNITS 320

PRICE/UNIT $62,500

$ PER SQFT $200

$ PER F.A.R.3.5-10

$59.23-$20.03

# OF UNITS 269

PRICE/UNIT $37,230

$ PER SQFT $311.48394.86

$ PER F.A.R.6.9

$45.12

# OF UNITS 226

PRICE/UNIT $53,540

$ PER SQFT $527

$ PER F.A.R. -

# OF UNITS 446

PRICE/UNIT $72,567

1

2

4

8

9

Residential

COMPA R A BL E S A L ET R A NS A C T IONS

OFFERING MEMORANDUM

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9/22/2017 Google Maps

https://www.google.com/maps/@32.7142612,-117.1602574,15z 1/1

Map data ©2017 Google United States 1000 ft

1. 13TH & MARKET 1330 MARKET ST, SAN DIEGO, CA 92101

2. ALLEGRO TOWERS 1455 KETTNER BLVD, SAN DIEGO, CA 92101

3. ARIEL SUITES 701 WEST BEECH ST, SAN DIEGO, CA 92101

4. BROADSTONE LITTLE ITALY 1980 KETTNER BLVD, SAN DIEGO, CA 92101

5. FORM 15 1450 MARKET ST, SAN DIEGO, CA 92101

6. THE REY 801 A ST, SAN DIEGO, CA 92101

7. STRATA 969 MARKET ST, SAN DIEGO, CA 92101

8. VANTAGE POINTE 1281 9TH AVE, SAN DIEGO, CA 92101

1 57

6 8

23

4

R E N TA L COMPA R A BL E S

PARK & BROADWAY

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5. FORM 15 1450 MARKET ST, SAN DIEGO, CA 92101

6. THE REY 801 A ST, SAN DIEGO, CA 92101

7. STRATA 969 MARKET ST, SAN DIEGO, CA 92101

8. VANTAGE POINTE 1281 9TH AVE, SAN DIEGO, CA 92101

264 Units

1330 Market Street

San Diego, CA 92101

(619) 746-8132

Completed Date

May, 2014

Improvements Rating A

Location Rating B

Occupancy 99.2%

Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, Rental Office - Stand AloneParking - Total Parking - 341 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - G Street and Market Street, View - Downtown San DiegoApartment Interior Amenities - Internet Access, Optional Monitored Security, Above Standard Ceiling Height, Microwave Ovens

13th & Market

Unit Type % of Unit Size (SqFt) Market RentUnit Description Total Count Unit Total Total SqFt

One Bedroom/Alcove 1.14% 3 536 1,608 $1,860 $3.47One Bedroom/Alcove 1.14% 3 539 1,617 $1,935 $3.59One Bedroom/Alcove 1.14% 3 555 1,665 $2,000 $3.60One Bedroom/Alcove 2.27% 6 570 3,420 $2,077 $3.64One Bedroom/Alcove 2.27% 6 572 3,432 $2,162 $3.78One Bedroom/Alcove 2.27% 6 602 3,612 $2,051 $3.41One Bedroom/Alcove 2.27% 6 611 3,666 $2,061 $3.37One Bedroom/Alcove 2.27% 6 629 3,774 $2,101 $3.34One Bedroom/Alcove 1.14% 3 653 1,959 $1,979 $3.03One Bedroom 3.79% 10 692 6,920 $2,269 $3.28One Bedroom 11.36% 30 696 20,880 $2,292 $3.29One Bedroom 1.89% 5 703 3,515 $2,384 $3.39One Bedroom 1.89% 5 710 3,550 $2,393 $3.37One Bedroom 1.89% 5 735 3,675 $2,326 $3.16One Bedroom 1.89% 5 737 3,685 $2,420 $3.28One Bedroom 1.89% 5 755 3,775 $2,431 $3.22One Bedroom 1.89% 5 757 3,785 $2,651 $3.50One Bedroom 1.89% 5 758 3,790 $2,566 $3.39One Bedroom 13.26% 35 760 26,600 $2,388 $3.14

Page 1 of 33

Source: Occupancy data derived from USPS records

One Bedroom 3.79% 10 761 7,610 $2,536 $3.33One Bedroom 1.89% 5 780 3,900 $2,560 $3.28One Bedroom 1.89% 5 789 3,945 $2,418 $3.06One Bedroom 1.89% 5 809 4,045 $3,267 $4.04One Bedroom 9.47% 25 832 20,800 $2,504 $3.01One Bedroom 0.76% 2 871 1,742 $2,468 $2.83One Bedroom 0.38% 1 932 932 $2,568 $2.76Two Bedroom/Two Bath 3.79% 10 981 9,810 $2,927 $2.98Two Bedroom/Two Bath 6.06% 16 998 15,968 $2,799 $2.80Two Bedroom/Two Bath 0.76% 2 1,033 2,066 $2,980 $2.88Two Bedroom/Two Bath 0.76% 2 1,053 2,106 $3,202 $3.04Two Bedroom/Two Bath 4.55% 12 1,092 13,104 $3,096 $2.84Two Bedroom/Two Bath 3.03% 8 1,102 8,816 $3,093 $2.81Two Bedroom/Two Bath 0.76% 2 1,135 2,270 $3,428 $3.02Two Bedroom/Two Bath 0.76% 2 1,203 2,406 $3,304 $2.75Two Bedroom/Two Bath 0.76% 2 1,269 2,538 $3,312 $2.61Two Bedroom/Two Bath 0.38% 1 1,316 1,316 $3,742 $2.84Two Bedroom/Two Bath 0.38% 1 1,386 1,386 $3,489 $2.52Two Bedroom/Two Bath 0.38% 1 1,512 1,512 $3,705 $2.45Total/Average 100% 264 800 211,200 $2,511 $3.14

Page 2 of 33


1

PARK & BROADWAY

OFFERING MEMORANDUM

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2 3

204 Units

1455 Kettner Blvd

San Diego, CA 92101

(619) 595-7801

Completed Date

June, 2005


Location Rating A-

Occupancy 97.1%

Common Area Amenities - Controlled Access, Fitness Center, Business Center, 1 Swimming Pool, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 300 Spaces, Partial Covered Parking, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - Kettner Blvd, View - Downtown San Diego/San Diego BayApartment Interior Amenities - Internet Access, Optional Monitored Security, Partial Fireplaces Available In Select Two Bedroom Units, Above Standard Ceiling Height, Microwave Ovens

Allegro Towers


Studio 2.45% 5 612 3,060 $1,801 $2.94Studio 2.45% 5 653 3,265 $1,903 $2.91One Bedroom 2.94% 6 645 3,870 $1,902 $2.95One Bedroom 20.59% 42 688 28,896 $2,033 $2.95One Bedroom/Den/One Bath 1.96% 4 973 3,892 $1,704 $1.75One Bedroom/Den/One Bath 1.96% 4 981 3,924 $2,478 $2.53Two Bedroom/Two Bath 1.96% 4 904 3,616 $2,833 $3.13Two Bedroom/Two Bath 2.94% 6 993 5,958 $2,512 $2.53Two Bedroom/Two Bath 11.27% 23 1,020 23,460 $2,586 $2.54Two Bedroom/Two Bath 2.94% 6 1,169 7,014 $3,738 $3.20Two Bedroom/Two Bath 33.33% 68 1,288 87,584 $3,289 $2.55Two Bedroom/Two Bath 7.84% 16 1,332 21,312 $2,685 $2.02Two Bedroom/Two Bath 2.94% 6 1,362 8,172 $4,028 $2.96Penthouse - Two Bedroom/Two Bath 1.96% 4 1,206 4,824 $4,494 $3.73Penthouse - Two Bedroom/Two Bath 2.45% 5 1,265 6,325 $5,510 $4.36Total/Average 100% 204 1,055 215,172 $2,826 $2.68

Page 3 of 33


224 Units

701 West Beech Street

San Diego, CA 92101

(619) 373-1133

Completed Date

April, 2014

Improvements Rating A-

Location Rating A-

Occupancy 96.9%

Common Area Amenities - Controlled Access, Fitness Center, Rental Office - Stand AloneParking - Total Parking - 279 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Ariel Suites


Studio 0.45% 1 350 350 $1,883 $5.38One Bedroom 8.93% 20 606 12,120 $1,822 $3.01One Bedroom 8.93% 20 661 13,220 $1,982 $3.00One Bedroom 8.93% 20 665 13,300 $2,143 $3.22One Bedroom 8.93% 20 676 13,520 $2,389 $3.53One Bedroom 8.93% 20 700 14,000 $2,109 $3.01One Bedroom 8.93% 20 708 14,160 $2,454 $3.47One Bedroom 8.48% 19 737 14,003 $2,586 $3.51Two Bedroom/Two Bath 8.93% 20 922 18,440 $2,453 $2.66Two Bedroom/Two Bath 8.93% 20 925 18,500 $2,599 $2.81Two Bedroom/Two Bath 8.93% 20 944 18,880 $3,088 $3.27Two Bedroom/Two Bath 8.93% 20 947 18,940 $3,104 $3.28Penthouse - Two Bedroom/Two Bath 0.45% 1 1,140 1,140 $3,289 $2.89Penthouse - Two Bedroom/Two Bath 0.45% 1 1,145 1,145 $3,590 $3.14Penthouse - Two Bedroom/Two Bath 0.45% 1 1,290 1,290 $5,500 $4.26Penthouse - Three Bedroom/Two Bath 0.45% 1 1,600 1,600 $4,696 $2.94Total/Average 100% 224 780 174,608 $2,459 $3.16

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PARK & BROADWAY

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4

199 Units

1980 Kettner Blvd

San Diego, CA 92101

(619) 230-0888

Completed Date

October, 2014

Improvements Rating A+

Location Rating A-

Occupancy 97.0%

Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 321 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - Grape Street, View - Downtown San Diego/San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Broadstone Little Italy


Guest Suite 0.50% 1 616 616Studio 1.01% 2 517 1,034 $2,303 $4.45Studio 0.50% 1 531 531 $2,263 $4.26Studio 1.01% 2 543 1,086 $2,614 $4.81Studio 1.51% 3 552 1,656 $2,580 $4.67Studio 2.51% 5 559 2,795 $2,624 $4.69Studio 8.54% 17 562 9,554 $2,402 $4.27Studio 1.51% 3 572 1,716 $2,159 $3.77Studio 5.03% 10 589 5,890 $1,846 $3.13Studio 1.51% 3 601 1,803 $2,301 $3.83Studio 1.01% 2 615 1,230 $2,347 $3.82Studio 1.01% 2 616 1,232 $2,686 $4.36Studio 1.01% 2 620 1,240 $2,131 $3.44Studio 1.51% 3 623 1,869 $2,073 $3.33Studio 2.01% 4 630 2,520 $2,386 $3.79Studio 0.50% 1 647 647 $2,686 $4.15Studio 1.01% 2 725 1,450 $2,936 $4.05Loft/Studio 1.01% 2 675 1,350 $2,908 $4.31Loft/Studio 1.51% 3 695 2,085 $3,030 $4.36One Bedroom 1.01% 2 668 1,336 $3,298 $4.94

Page 5 of 33


One Bedroom 10.55% 21 705 14,805 $2,836 $4.02One Bedroom 2.51% 5 717 3,585 $3,373 $4.70One Bedroom 3.02% 6 727 4,362 $3,389 $4.66One Bedroom 0.50% 1 734 734 $2,824 $3.85One Bedroom 1.51% 3 739 2,217 $3,413 $4.62One Bedroom 0.50% 1 775 775 $3,601 $4.65One Bedroom 0.50% 1 789 789 $3,622 $4.59One Bedroom 0.50% 1 805 805 $3,456 $4.29One Bedroom 2.01% 4 821 3,284 $3,404 $4.15One Bedroom 1.51% 3 828 2,484 $3,046 $3.68One Bedroom 1.51% 3 880 2,640 $3,229 $3.67One Bedroom 0.50% 1 950 950 $3,113 $3.28One Bedroom/Loft 2.01% 4 835 3,340 $3,373 $4.04One Bedroom/Den 1.51% 3 848 2,544 $3,294 $3.88One Bedroom/Den 1.01% 2 880 1,760 $3,336 $3.79One Bedroom/Den 2.51% 5 954 4,770 $2,940 $3.08One Bedroom/Den 0.50% 1 963 963 $2,989 $3.10One Bedroom/Loft/Two Bath 0.50% 1 1,195 1,195 $3,366 $2.82One Bedroom/Loft/Two Bath 0.50% 1 1,465 1,465 $3,530 $2.41Two Bedroom/Two Bath 1.01% 2 970 1,940 $3,573 $3.68Two Bedroom/Two Bath 1.51% 3 979 2,937 $3,289 $3.36Two Bedroom/Two Bath 0.50% 1 985 985 $3,306 $3.36Two Bedroom/Two Bath 0.50% 1 987 987 $3,321 $3.36Two Bedroom/Two Bath 1.01% 2 1,008 2,016 $3,291 $3.26Two Bedroom/Two Bath 1.01% 2 1,046 2,092 $3,313 $3.17Two Bedroom/Two Bath 0.50% 1 1,060 1,060 $3,358 $3.17Two Bedroom/Two Bath 2.01% 4 1,063 4,252 $3,652 $3.44Two Bedroom/Two Bath 2.51% 5 1,077 5,385 $4,229 $3.93Two Bedroom/Two Bath 0.50% 1 1,095 1,095 $3,358 $3.07Two Bedroom/Two Bath 2.01% 4 1,100 4,400 $4,346 $3.95Two Bedroom/Two Bath 2.51% 5 1,105 5,525 $3,921 $3.55Two Bedroom/Two Bath 0.50% 1 1,119 1,119 $3,566 $3.19Two Bedroom/Two Bath 1.51% 3 1,169 3,507 $3,602 $3.08Two Bedroom/Two Bath 0.50% 1 1,175 1,175 $3,596 $3.06Two Bedroom/Two Bath 2.51% 5 1,180 5,900 $3,827 $3.24Two Bedroom/Two Bath 0.50% 1 1,201 1,201 $3,676 $3.06Two Bedroom/Two Bath 2.01% 4 1,215 4,860 $3,848 $3.17Two Bedroom/Two Bath 1.01% 2 1,231 2,462 $3,703 $3.01Two Bedroom/Two Bath 0.50% 1 1,262 1,262 $3,698 $2.93

Page 6 of 33

Source: Occupancy data derived from USPS recordsTwo Bedroom/Two Bath 0.50% 1 1,292 1,292 $3,780 $2.93Two Bedroom/Loft/Two Bath 0.50% 1 1,100 1,100 $3,560 $3.24Two Bedroom/Loft/Two Bath 0.50% 1 1,105 1,105 $3,637 $3.29Two Bedroom/Loft/Two Bath 1.51% 3 1,144 3,432 $4,115 $3.60Two Bedroom/Loft/Two Bath 0.50% 1 1,200 1,200 $3,833 $3.19Two Bedroom/Loft/Two Bath 0.50% 1 1,219 1,219 $3,848 $3.16Two Bedroom/Loft/Two Bath 1.01% 2 1,263 2,526 $5,121 $4.05Two Bedroom/Loft/Two Bath 0.50% 1 1,295 1,295 $5,581 $4.31Penthouse 1.01% 2 643 1,286 $2,809 $4.37Total/Average 100% 199 823 163,722 $3,093 $3.76

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OFFERING MEMORANDUM

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5

242 Units

1450 Market Street

San Diego, CA 92101

(619) 230-1450

Completed Date

September, 2014


Location Rating B

Occupancy 96.7%

Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 343 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - Market Street, View - Downtown San Diego/San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Form 15


Studio 3.31% 8 493 3,944 $2,067 $4.19Studio 4.96% 12 506 6,072 $1,885 $3.73Studio 4.13% 10 517 5,170 $2,030 $3.93Studio 7.02% 17 586 9,962 $1,989 $3.39Studio 3.31% 8 596 4,768 $1,929 $3.24Studio 6.61% 16 598 9,568 $1,919 $3.21Studio 3.31% 8 616 4,928 $1,860 $3.02Studio 3.31% 8 620 4,960 $2,107 $3.40Studio 3.31% 8 621 4,968 $1,892 $3.05Live-Work 1.65% 4 945 3,780 $3,801 $4.02One Bedroom 0.83% 2 615 1,230 $2,368 $3.85One Bedroom 3.31% 8 622 4,976 $2,443 $3.93One Bedroom 0.83% 2 627 1,254 $1,966 $3.14One Bedroom 0.83% 2 635 1,270 $2,526 $3.98One Bedroom 0.83% 2 636 1,272 $2,123 $3.34One Bedroom 1.65% 4 642 2,568 $1,909 $2.97One Bedroom 0.83% 2 657 1,314 $1,921 $2.92One Bedroom 1.65% 4 658 2,632 $1,864 $2.83One Bedroom 1.65% 4 665 2,660 $2,228 $3.35One Bedroom 1.65% 4 672 2,688 $1,880 $2.80

Page 15 of 33


One Bedroom 1.65% 4 681 2,724 $2,003 $2.94One Bedroom 2.48% 6 683 4,098 $1,896 $2.78One Bedroom 0.83% 2 697 1,394 $2,083 $2.99One Bedroom 1.65% 4 705 2,820 $2,385 $3.38One Bedroom 0.83% 2 715 1,430 $2,368 $3.31One Bedroom 0.83% 2 734 1,468 $2,395 $3.26One Bedroom 1.65% 4 746 2,984 $2,381 $3.19One Bedroom 1.65% 4 747 2,988 $2,292 $3.07One Bedroom 2.07% 5 749 3,745 $2,090 $2.79One Bedroom 0.83% 2 771 1,542 $2,354 $3.05One Bedroom 1.65% 4 791 3,164 $2,329 $2.94One Bedroom 0.83% 2 795 1,590 $2,297 $2.89One Bedroom 3.31% 8 796 6,368 $2,165 $2.72One Bedroom 1.65% 4 803 3,212 $2,174 $2.71One Bedroom 0.83% 2 816 1,632 $2,368 $2.90One Bedroom 1.65% 4 821 3,284 $2,239 $2.73One Bedroom 0.83% 2 824 1,648 $2,420 $2.94One Bedroom 0.83% 2 834 1,668 $2,521 $3.02One Bedroom 0.83% 2 841 1,682 $2,854 $3.39One Bedroom/Townhouse/One and One Half Bath 0.41% 1 928 928 $2,542 $2.74

One Bedroom/Townhouse/One and One Half Bath 0.41% 1 933 933 $2,806 $3.01

One Bedroom/Townhouse/One and One Half Bath 0.41% 1 952 952 $2,739 $2.88

One Bedroom/Townhouse/One and One Half Bath 1.24% 3 1,016 3,048 $3,770 $3.71

Two Bedroom/Two Bath 0.83% 2 940 1,880 $2,519 $2.68Two Bedroom/Two Bath 0.83% 2 990 1,980 $3,562 $3.60Two Bedroom/Two Bath 1.65% 4 1,024 4,096 $2,430 $2.37Two Bedroom/Two Bath 0.83% 2 1,049 2,098 $2,858 $2.72Two Bedroom/Two Bath 0.83% 2 1,204 2,408 $3,989 $3.31Two Bedroom/Two Bath 0.83% 2 1,303 2,606 $4,416 $3.39Two Bedroom/Loft/Two Bath 1.65% 4 1,060 4,240 $2,663 $2.51Two Bedroom/Loft/Two Bath 0.41% 1 1,346 1,346 $3,830 $2.85Three Bedroom/Two Bath 1.24% 3 1,306 3,918 $3,817 $2.92Three Bedroom/Two Bath 1.65% 4 1,324 5,296 $4,125 $3.12Three Bedroom/Two Bath 1.65% 4 1,327 5,308 $4,153 $3.13Three Bedroom/Two Bath 1.65% 4 1,334 5,336 $4,018 $3.01Three Bedroom/Two Bath 1.65% 4 1,535 6,140 $3,978 $2.59

Page 16 of 33

Source: Occupancy data derived from USPS recordsTotal/Average 100% 242 752 181,938 $2,375 $3.16

230 Units

1471 8th Avenue

San Diego, CA 92101

(619) 239-0064

Completed Date

May, 2002


Location Rating B-

Occupancy 94.3%

Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 2 Spas, Rental OfficeParking - Total Parking - 355 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Outside Storage, Construction Type - FrameOther Factor - View - San Diego BayApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Heritage, The


One Bedroom 21.74% 50 610 30,500 $2,035 $3.34One Bedroom/One and One Half Bath 16.52% 38 865 32,870 $2,158 $2.49One Bedroom/Townhouse/One Bath 21.30% 49 842 41,258 $2,397 $2.85Two Bedroom/Townhouse/Two Bath 17.39% 40 1,160 46,400 $2,898 $2.50Two Bedroom/Townhouse/Two Bath 16.52% 38 1,160 44,080 $2,787 $2.40Two Bedroom/Townhouse/Two Bath 6.52% 15 1,160 17,400 $2,993 $2.58Total/Average 100% 230 924 212,508 $2,469 $2.67

Page 17 of 33


PARK & BROADWAY

23

6 7

478 Units

801 A Street

San Diego, CA 92101

(619) 678-1778

Completed Date

February, 2017


Location Rating B

Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, Rental Office - Stand AloneParking - Total Parking - 882 Spaces, Parking Type - Above Ground and SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - A Street and B StreetApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Rey, The


Studio 0.21% 1 401 401 $1,756 $4.38Studio 3.56% 17 437 7,429 $1,806 $4.13Studio 8.58% 41 469 19,229 $1,896 $4.04Studio 15.27% 73 470 34,310 $2,007 $4.27One Bedroom 3.56% 17 600 10,200 $2,836 $4.73One Bedroom 7.95% 38 607 23,066 $2,333 $3.84One Bedroom 4.39% 21 647 13,587 $2,579 $3.99One Bedroom 7.11% 34 673 22,882 $2,097 $3.12One Bedroom 4.18% 20 731 14,620 $2,423 $3.31One Bedroom 4.39% 21 743 15,603 $2,604 $3.50One Bedroom 0.21% 1 750 750 $2,634 $3.51One Bedroom 4.39% 21 758 15,918 $2,685 $3.54One Bedroom 8.58% 41 773 31,693 $2,574 $3.33One Bedroom 8.58% 41 780 31,980 $2,509 $3.22One Bedroom 1.67% 8 866 6,928 $3,419 $3.95Two Bedroom/Two Bath 3.56% 17 930 15,810 $3,082 $3.31Two Bedroom/Two Bath 7.74% 37 934 34,558 $3,132 $3.35Two Bedroom/Two Bath 3.56% 17 1,010 17,170 $3,343 $3.31Two Bedroom/Two Bath 2.51% 12 1,027 12,324 $3,600 $3.51Total/Average 100% 478 687 328,458 $2,479 $3.61

Page 28 of 33


163 Units

969 Market Street

San Diego, CA 92101

(619) 338-0516

Completed Date

March, 2010

Improvements Rating A+

Location Rating A-

Occupancy 98.2%

Prior Names

Legacy Mixed-Use

Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, Playground, 1 Swimming Pool, Rental Office - Stand AloneParking - Total Parking - 300 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Construction Type - Steel FrameOther Factor - Major Street Exposure - Market Street, View - Downtown San DiegoApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Strata

Page 29 of 33



One Bedroom 4.91% 8 710 5,680 $2,761 $3.89One Bedroom 8.59% 14 813 11,382 $3,754 $4.62One Bedroom 12.27% 20 895 17,900 $2,571 $2.87One Bedroom 2.45% 4 1,225 4,900 $3,228 $2.64One Bedroom 0.61% 1 1,263 1,263 $3,159 $2.50One Bedroom 7.98% 13 1,298 16,874 $3,461 $2.67One Bedroom/One and One Half Bath 1.23% 2 1,403 2,806 $3,606 $2.57One Bedroom/Den 2.45% 4 1,110 4,440 $3,059 $2.76One Bedroom/Den 2.45% 4 1,160 4,640 $3,107 $2.68One Bedroom/Den 2.45% 4 1,178 4,712 $2,827 $2.40One Bedroom/Den/One and One Half Bath 0.61% 1 1,353 1,353 $3,621 $2.68One Bedroom/Den/Two Bath 2.45% 4 1,443 5,772 $3,641 $2.52Two Bedroom/Two Bath 2.45% 4 1,206 4,824 $3,633 $3.01Two Bedroom/Two Bath 11.04% 18 1,396 25,128 $4,047 $2.90Two Bedroom/Two Bath 8.59% 14 1,428 19,992 $4,397 $3.08Two Bedroom/Two Bath 1.23% 2 1,514 3,028 $3,501 $2.31Two Bedroom/Two Bath 11.04% 18 1,595 28,710 $4,236 $2.66Two Bedroom/Two Bath 2.45% 4 1,847 7,388 $6,033 $3.27Two Bedroom/Two and One Half Bath 1.84% 3 1,552 4,656 $3,611 $2.33Two Bedroom/Den/Two Bath 1.84% 3 1,859 5,577 $3,722 $2.00Three Bedroom/Two Bath 11.04% 18 1,225 22,050 $3,731 $3.05Total/Average 100% 163 1,246 203,075 $3,644 $2.92

Page 30 of 33


OFFERING MEMORANDUM

24

8

679 Units

1281 9th Avenue

San Diego, CA 92101

(619) 696-8000

Completed Date

September, 2009


Location Rating B

Occupancy 96.3%

Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand AloneParking - Total Parking - 968 Spaces, Parking Type - SubterraneanFunctional Characteristics - Private Balcony/Patio, Outside Storage, Construction Type - Steel FrameOther Factor - Major Street Exposure - 9th Avenue, View - Downtown San DiegoApartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens

Vantage Pointe


One Bedroom 3.68% 25 604 15,100 $1,954 $3.24One Bedroom 1.03% 7 611 4,277 $1,868 $3.06One Bedroom 0.29% 2 625 1,250 $1,905 $3.05One Bedroom 1.03% 7 714 4,998 $2,034 $2.85One Bedroom/Den/One Bath 0.15% 1 717 717 $2,064 $2.88One Bedroom/Den/One Bath 0.74% 5 718 3,590 $2,075 $2.89One Bedroom/Den/One Bath 0.59% 4 721 2,884 $2,104 $2.92One Bedroom/Den/One Bath 0.15% 1 758 758 $1,996 $2.63One Bedroom/Den/One Bath 0.44% 3 848 2,544 $2,577 $3.04One Bedroom/Den/One Bath 0.15% 1 849 849 $3,143 $3.70One Bedroom/Den/One Bath 0.15% 1 855 855 $2,598 $3.04One Bedroom/Den/One Bath 0.15% 1 950 950 $2,708 $2.85Two Bedroom/One Bath 4.71% 32 694 22,208 $2,270 $3.27Two Bedroom/One Bath 4.71% 32 702 22,464 $2,182 $3.11Two Bedroom/One Bath 2.65% 18 705 12,690 $2,241 $3.18Two Bedroom/One Bath 0.15% 1 706 706 $2,000 $2.83Two Bedroom/One Bath 1.03% 7 717 5,019 $2,310 $3.22Two Bedroom/One Bath 13.70% 93 718 66,774 $2,170 $3.02Two Bedroom/One Bath 1.18% 8 719 5,752 $2,259 $3.14Two Bedroom/One Bath 0.15% 1 744 744 $2,244 $3.02

Page 32 of 33


Two Bedroom/One and One Half Bath 0.74% 5 823 4,115 $2,382 $2.89Two Bedroom/One and One Half Bath 4.86% 33 828 27,324 $2,156 $2.60Two Bedroom/One and One Half Bath 1.77% 12 829 9,948 $2,404 $2.90Two Bedroom/One and One Half Bath 3.53% 24 830 19,920 $2,126 $2.56Two Bedroom/One and One Half Bath 0.74% 5 886 4,430 $2,512 $2.84Two Bedroom/One and One Half Bath 2.50% 17 926 15,742 $2,499 $2.70Two Bedroom/Two Bath 17.97% 122 882 107,604 $2,353 $2.67Two Bedroom/Two Bath 2.80% 19 908 17,252 $2,463 $2.71Two Bedroom/Two Bath 7.81% 53 917 48,601 $2,449 $2.67Two Bedroom/Two Bath 2.36% 16 926 14,816 $2,530 $2.73Two Bedroom/Two Bath 4.86% 33 951 31,383 $2,532 $2.66Two Bedroom/Two Bath 3.53% 24 952 22,848 $3,069 $3.22Two Bedroom/Two Bath 3.83% 26 953 24,778 $2,948 $3.09Two Bedroom/Two Bath 0.15% 1 1,002 1,002 $3,046 $3.04Two Bedroom/Two Bath 0.15% 1 1,043 1,043 $2,897 $2.78Two Bedroom/Two Bath 0.29% 2 1,061 2,122 $2,786 $2.63Two Bedroom/Two Bath 0.29% 2 1,098 2,196 $3,746 $3.41Two Bedroom/Two Bath 0.29% 2 1,099 2,198 $3,233 $2.94Two Bedroom/Two Bath 0.74% 5 1,144 5,720 $3,002 $2.62Two Bedroom/Two Bath 0.29% 2 1,283 2,566 $4,246 $3.31Two Bedroom/Two and One Half Bath 0.88% 6 1,078 6,468 $2,626 $2.44Two Bedroom/Two and One Half Bath 0.15% 1 1,116 1,116 $2,762 $2.47Two Bedroom/Den/Two Bath 1.91% 13 1,138 14,794 $2,894 $2.54Two Bedroom/Den/Two Bath 0.74% 5 1,218 6,090 $2,871 $2.36Total/Average 100% 679 838 569,205 $2,382 $2.84

Page 33 of 33


PARK & BROADWAY

25

OFFERING MEMORANDUM

26

49,838

36.8

$82,120

Population

Median Age

Average Household Income

1 MILE RADIUS

Demographic and Income Profile1244 Broadway, San Diego, California, 92101 Prepared by EsriRing: 1 mile radius Latitude: 32.71586

Longitude: -117.15329

Summary Census 2010 2017 2022Population 42,178 49,838 53,984Households 21,211 25,471 27,886Families 5,623 6,669 7,262Average Household Size 1.65 1.67 1.67Owner Occupied Housing Units 4,782 5,229 5,585Renter Occupied Housing Units 16,429 20,242 22,301Median Age 35.7 36.8 36.9

Trends: 2017 - 2022 Annual Rate Area State NationalPopulation 1.61% 0.84% 0.83%Households 1.83% 0.77% 0.79%Families 1.72% 0.77% 0.71%Owner HHs 1.33% 0.67% 0.72%Median Household Income 5.58% 2.66% 2.12%

2017 2022 Households by Income Number Percent Number Percent

<$15,000 5,421 21.3% 5,485 19.7%$15,000 - $24,999 2,825 11.1% 2,698 9.7%$25,000 - $34,999 2,061 8.1% 1,856 6.7%$35,000 - $49,999 2,822 11.1% 2,449 8.8%$50,000 - $74,999 2,717 10.7% 2,605 9.3%$75,000 - $99,999 2,380 9.3% 2,782 10.0%$100,000 - $149,999 3,531 13.9% 4,772 17.1%$150,000 - $199,999 1,660 6.5% 2,470 8.9%$200,000+ 2,054 8.1% 2,769 9.9%

Median Household Income $47,354 $62,127Average Household Income $82,120 $101,294Per Capita Income $45,550 $55,595

Census 2010 2017 2022 Population by Age Number Percent Number Percent Number Percent

0 - 4 1,373 3.3% 1,596 3.2% 1,805 3.3%5 - 9 953 2.3% 1,245 2.5% 1,312 2.4%10 - 14 921 2.2% 1,032 2.1% 1,102 2.0%15 - 19 1,382 3.3% 1,460 2.9% 1,415 2.6%20 - 24 4,023 9.5% 4,348 8.7% 4,394 8.1%25 - 34 11,930 28.3% 13,540 27.2% 14,986 27.8%35 - 44 6,979 16.5% 8,415 16.9% 9,336 17.3%45 - 54 5,901 14.0% 6,447 12.9% 6,551 12.1%55 - 64 4,536 10.8% 5,614 11.3% 5,883 10.9%65 - 74 2,376 5.6% 3,737 7.5% 4,335 8.0%75 - 84 1,399 3.3% 1,801 3.6% 2,191 4.1%

85+ 405 1.0% 604 1.2% 675 1.3%Census 2010 2017 2022

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 27,137 64.3% 30,737 61.7% 32,459 60.1%Black Alone 3,968 9.4% 4,938 9.9% 5,401 10.0%American Indian Alone 416 1.0% 478 1.0% 504 0.9%Asian Alone 2,711 6.4% 3,603 7.2% 4,269 7.9%Pacific Islander Alone 126 0.3% 164 0.3% 182 0.3%Some Other Race Alone 5,837 13.8% 7,283 14.6% 8,120 15.0%Two or More Races 1,983 4.7% 2,634 5.3% 3,050 5.6%

Hispanic Origin (Any Race) 13,174 31.2% 16,615 33.3% 18,872 35.0%Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.

December 11, 2017

©2017 Esri Page 1 of 2

DE MOGR A P H ICS

PARK & BROADWAY

27

Demographic and Income Profile1244 Broadway, San Diego, California, 92101 Prepared by EsriRing: 1 mile radius Latitude: 32.71586

Longitude: -117.15329

AreaStateUSA

Trends 2017-2022Trends 2017-2022

Ann

ual R

ate

(in

perc

ent)

5.55

4.54

3.53

2.52

1.51

0.50

Population Households Families Owner HHs Median HH Income

20172022

Population by AgePopulation by Age

Perc

ent

25

20

15

10

5

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2017 Household Income 2017 Household Income

<$15K21.3%

$15K - $24K11.1%

$25K - $34K8.1%

$35K - $49K11.1%

$50K - $74K10.7%

$75K - $99K9.3% $100K - $149K

13.9%

$150K - $199K6.5%

$200K+8.1%

2017 Population by Race2017 Population by Race

Perc

ent

605550454035302520151050

White Black Am. Ind. Asian Pacific Other Two+

2017 Percent Hispanic Origin: 33.3%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.

December 11, 2017

©2017 Esri Page 2 of 2

PARK & BROADWAY




O F F E R I N G M E M O R A N D U M 1015 PARK BLVD. AND 1244 BROADWAYSAN DIEGO, CA 92101

BROADWAY

PAR

K B

LVD PARK BLVD

PARK & CPlanned

Adjacent Project

N


TROLLEY

Documents

OFFERING MEMORANDUM - LoopNetimages2.loopnet.com/d2/OqMGXTgMkfJBHXwHFM3xuj1W7LddP... · 2017-12-21 · and San Diego City College, ... OFFERING MEMORANDUM 6 PROPERTY SUMMARY San DiegoSUN